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BowLeven PLC

Bowleven still aims for Etinde investment decision in 2020

"Our focus in 2020 will be to work with all of our stakeholders to ensure FID is underpinned by a compelling development plan, which is suitably robust to secure future capex funding during the financial year,” said Eli Chahin.

BowLeven PLC -

Bowleven Plc’s (LON:BLVN) used its preliminary results announcement to tell investors that it continues to look at the possibilities for a development at the Etinde project, offshore Cameroon.

The company told investors that its aim is to make a final investment decision for the project in 2020, whilst considering the possibility that the Etinde licence may expire in January 2021.

It said that it will continue to undertake a disciplined capital management approach and explore funding options for development capex.

"Our focus in 2020 will be to work with all of our stakeholders to ensure FID is underpinned by a compelling development plan, which is suitably robust to secure future capex funding during the financial year,” said Eli Chahin, Bowleven chief executive.

“This combined with a disciplined approach to capital, management will ensure that we are able to deliver maximum value for our shareholders."

In terms of financial results, Bowleven reported a US$66.56mln loss for the year ended 30 June, and, it ended the twelve-month period with US$10.4mln of cash and equivalents.

Bowleven noted that it decided to make a payment of 15p per share to its shareholders.

Quick facts: BowLeven PLC

Price: 5.5 GBX

Market: AIM
Market Cap: £18.44 m
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